Comparing No Medical Life Insurance Plans for Seniors

There are many insurers offering
life insurance for seniors.
Photo by Eric Wardy

Seniors looking for no medical life insurance policies can choose between guaranteed issued policies, where there are no medical tests and no health questions, and simplified issue policy where there are no medical tests and a series of three to 12 health questions.

The following are the leading simplified issue life insurance providers for seniors in Canada and a list of what they have to offer:

1. Assumption Life

•  A Golden Protection and Golden Protection Plus plan.
• The Golden Protection plan is available to insurance applicants age 85 and under.
• Base amounts of up to $50,000.
•   Both Golden Protection and Golden Protection Plus are available with an immediate death benefit or a preferred death benefit.
• Golden Protection Plus has an increasing death benefit option that starts off at $30,000 and increases at a rate of 3% per year until the amount grows to $60,000.

2. Canada Protection Plan

• No medical life insurance for insurance candidates age 80 and under
• Acceptance Life, Deferred Life, Simplified and Simplified Life simplified issue plans.
• Face amounts up to $75,000
• Pays out on an immediate basis or a deferred basis.

3. Wawanesa Life

I am very pleased with the plan LSM Insurance set up for me. It's easy to see why they have become so successful. (1 of 81)

Arthur BalaniukRead more

• Offers a plan called Instant Issue Life Insurance to insured's age 75 and under.
• Face amounts up to $50,000
•  Available on the deferred basis, which means that if the insured dies, in the first two years, by non-accidental means, the death benefit is limited to a return-of-premium plus interest

4. Industrial Alliance

• Two no medical life insurance plans -- The Alternative and The Perspective.
• The Alternative is available to insurance applicants up to age 80.
• Face amounts up to $50,000
•  A two-year waiting period on deaths that aren't accidental.
•  The Perspective has additional health questions.
• The Perspective serves applicants up to age 75.
• The Perspective's coverage is available on an immediate basis.
• The Perspective's premiums are significantly lower than the premiums of  The Alternative Plan.

For more details on this, or any other no medical plan for seniors, please  contact us at 1-866-899-4849 or visit our No Medical Life Insurance Quote Page.